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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Traders Focus On OPEC Demand Forecast

By:
Vladimir Zernov
Published: Jun 11, 2024, 18:28 GMT+00:00

Key Points:

  • Natural gas gains ground as traders react to bullish weather forecasts.
  • WTI oil settled near the $78.00 level as OPEC maintained its demand forecast.
  • Brent oil is trying to climb above the $82.00 level.
Natural Gas, WTI Oil, Brent Oil Forecasts

In this article:

Natural Gas

Natural Gas
Natural Gas 110624 Daily Chart

Natural gas gains ground as traders focus on weather forecasts, which predict strong demand from June 13.

In case natural gas settles above the resistance at $3.02 – $3.09, it will head towards the next resistance level, which is located in the $3.28 – $3.32 range.

WTI Oil

WTI Oil
WTI Oil 110624 Daily Chart

WTI oil is mostly flat as traders react to OPEC 2024 forecast. The organization left its demand growth forecast intact despite worries about the strength of demand in the first half of the year.

WTI oil needs to settle above the strong resistance at $79.00 – $80.00 to break the near-term trend and gain sustainable upside momentum.

Brent Oil

Brent Oil
Brent Oil 110624 Daily Chart

Brent oil is swinging between gains and losses as traders prepare for Fed decision, which will be released tomorrow.

In case Brent oil stays above the $81.00 level, it will head towards the next resistance level at $84.50 – $85.50.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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